The embodiment of the invention relates to the technical field of electronic products, and discloses a water dispenser. In the embodiment of the present invention, the water dispenser includes a shell, a controller, a water supply module, and a first energy storage heat exchanger; wherein the first energy storage heat exchanger includes at least a cold storage material; the cold storage material is in a cooling state in the standby state of the water dispenser; the controller, the water supply module, and the first energy storage heat exchanger are all installed on the shell; the water supplymodule is electrically connected to the controller, and is used for outputting water to be cooled to the first energy storage heat exchanger according to a water supply instruction of the controller;and the cold storage material is used for cooling the water to be cooled to form low-temperature water. According to the embodiment of the invention, the low-temperature water with a large flow rate can be produced in real time without changing the power; therefore, the low-temperature water flow rate and the low-temperature water outlet speed are improved, the waiting time for the user to collectthe low-temperature water is shortened, and the water dispenser occupies less space.